International Market Centers
Debt | Various, U.S.
Bonds related to a term loan that is cross collateralized by and senior to the owner’s equity interests in both International Market Centers (IMC) and AmericasMart (AMC), which are two leading national furniture showroom companies.
Investment Details
- Investment Type
- Debt
- Property Type
- Specialty
- Location(s)
-
Las Vegas, NVHigh Point, NCAtlanta, GA
- Square Feet
- 14.4 million sq. ft.
Transaction Details
- Acquired
- August 23, 2019
- Invested Capital
- $25 million
- Interest Rate
- LIBOR+ 6.1225%
- Loan-to-Appraised-
Value Ratio - 67%
Investment Details
- Investment Type
- Debt
- Property Type
- Specialty
- Location(s)
-
Las Vegas, NVHigh Point, NCAtlanta, GA
- Square Feet
- 14.4 million sq. ft.
Transaction Details
- Acquired
- August 23, 2019
- Invested Capital
- $25 million
- Interest Rate
- LIBOR+ 6.1225%
- Loan-to-Appraised
Value Ratio - 67%
Bonds related to a term loan that is cross collateralized by and senior to the owner’s equity interests in both International Market Centers (IMC) and AmericasMart (AMC), which are two leading national furniture showroom companies.
Asset Highlights
Furniture showrooms are an essential and efficient way for both
manufacturers and buyers to evaluate products through trade shows
in these buildings.
manufacturers and buyers to evaluate products through trade shows
in these buildings.
Tenant base has historically had low turnover and generated stable income with multiple leases and annual escalators.
The REIT’s cost basis of $128 per square foot represents a significant
discount to both the appraisal value and the equity owner’s cost basis.
discount to both the appraisal value and the equity owner’s cost basis.